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8 May 2004, 11:39 (Ref:964151)
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Veteran
Join Date: Jun 2001
Posts: 2,417
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Walkinshaw hit with Judge rulings
A London High Court judge has handed Tom Walkinshaw a multi-million pound bill resulting from an indemnity he was said to have given while operating the now defunct Arrows Grand Prix team. It is understood that Walkinshaw could be liable for $6.5 million plus substantial interest.
Walkinshaw, who bought into Arrows in 1996, apparently arranged an overdraft with investment bank Morgan Grenfell five years ago in an attempt to keep it going. But the team effectively folded midway through the 2002 F1 season when it was unable to make a stage payment to engine supplier Cosworth. In his statement, Judge Lindsay explained that with the Arrows team's financial position caused very serious problems, Walkinshaw himself was asked to give an indemnity in respect of an overdraft facility of up to $13 million granted to Arrows Autosports by Morgan Grenfell Development Capital Syndications. |
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8 May 2004, 16:55 (Ref:964405)
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Veteran
Join Date: Feb 2004
Posts: 1,348
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CB When was this High Court decision handed down?
Last edited by Kerri; 8 May 2004 at 16:57. |
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8 May 2004, 18:26 (Ref:964471)
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Racer
Join Date: Oct 2003
Posts: 472
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Release ws on tonight's Autosport Online
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8 May 2004, 23:46 (Ref:964641)
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Veteran
Join Date: Sep 2003
Posts: 4,374
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Looks like he won't be getting back into Supercars anytime soon...
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__________________
Tranquillity - What happens inside Shane's race car. Chaos - What happens outside Jamie's race car.
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8 May 2004, 23:59 (Ref:964654)
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#5 | ||
 Race Official1% Club
Join Date: Dec 2002
Posts: 46,656
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The reporting on the ruling is interesting, its unclear whether Walkinshaw is personally liable for this guarantee, or whether he is shielded by the legal veil of a corporate structure.
Reuters is usually very cleae Here on the accuracy and correctness of the detail but this story is wishy washy |
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__________________
Happy David Thexton Day, 21st March 2003 “I am not uncertain” - Dollar Bill Stern, Billions “Fear stimulates my imagination” - Don Draper, Mad Men “Everybody Lies” - Dr Gregory House
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9 May 2004, 00:07 (Ref:964658)
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Racer
Join Date: Oct 2003
Posts: 472
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I think it looks like it is a personal liability, as Reuters would have mentioned a corporate body, but instead uses "he" and "him". This makes sense, in that the bank would have gone to him personally precisely because they wanted to cut through the corporate veil, when seeking further comfort in the Arrows deal, IMHO.
Last edited by Bigguy; 9 May 2004 at 00:08. |
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9 May 2004, 00:10 (Ref:964661)
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Race Official 1% Club
Join Date: Dec 2002
Posts: 46,656
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So is this the fluff that has ignited claims about Walkinshaw selling out of the HSV licencing deal, to PWR?
Certainly seems that way.... |
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__________________
Happy David Thexton Day, 21st March 2003 “I am not uncertain” - Dollar Bill Stern, Billions “Fear stimulates my imagination” - Don Draper, Mad Men “Everybody Lies” - Dr Gregory House
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9 May 2004, 02:56 (Ref:964729)
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#8 | |
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Veteran
Join Date: Dec 2003
Posts: 6,885
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Looks like Arrows was the undoing of the TWR empire. At one time they seemed unstoppable. Sad.
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__________________
Wolverines!
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